ITC Opens Mementos in Shimla Targeting Leisure and Business Customers

ITC Hotels, a subsidiary of ITC Limited, has signed its third Mementos property at Shimla in Himachal Pradesh. The other two Mementos property ITC signed are in Udaipur and Jaipur. The property at Shimla has 297 keys, including 40 villas of four bedrooms each. The property also comes with a 7,500 square feet banquet space to serve the destination wedding needs in the hills. The property provides a luxurious view of the valley and can house families and friends in large numbers. There is an all-day dining multi-cuisine restaurant with a bar and a speciality rooftop eatery. Himachal Pradesh has reportedly witnessed a surge in the number of tourists visiting the place post-pandemic. ITC expects a rise in the number of people choosing destination weddings in the hill this year. The hotel targets both leisure and business customers. The hotel is 30 minutes drive from Shimla airport and is 10 minutes drive from the railway station. “With demand mainly stemming from road trips to nearby destinations, Shimla is poised to receive a high influx of domestic tourism and destination weddings,” Anil Chadha, Chief Executive – ITC Hotels, said.

Strategy is to double the tally of hotels through its six brands, says ITC

ITC has six brands – ITC Hotels, WelcomHeritage, Welcomhotel, Fortune, Mementos and Storii – under which it targets to double the number of hotels which is currently 100+. While ITC hotels are at the luxury end, WelcomHeritage targets the luxury heritage segment. Welcomhotel targets the 5-star segment, and Fortune hits the mid-market. Mementos is a destination-led luxury brand, and Storii will be a collection of intimate-sized boutique lifestyle properties. While Mementos will be a boutique property with about 100 rooms, the Storri will have 15 to 50 rooms. The company had adopted an “asset right” strategy in 2018 and follows a management contract model for growth. Under the model, ITC partners with existing properties with standardized specifications and unique locations. The asset owner benefits from the distribution, workforce, management bandwidth and loyalty of the hotel. ITC stands at a profitable end with this new strategy, evident from its 14% year-on-year rise reported in its September quarter with a net profit of Rs 3,697 crore. Its revenue rose to Rs 3,697.18 crore from Rs 3252.62 crore in the corresponding quarter last year.